What Is A Solopreneur? Should You Become One? – A Peek Into The Solopreneurship Mega-Trend
- Oct 4, 2023
- 5 min read
Written by: Joe Rando, Executive Contributor
Executive Contributors at Brainz Magazine are handpicked and invited to contribute because of their knowledge and valuable insight within their area of expertise.
On the surface, the term solopreneur seems straightforward—a solo entrepreneur opts not to hire a team. End of story, right? Well, that's where I started, too. But the more I learned about the world of solopreneurs, the more complex the picture became. HubSpot took a crack at exploring the difference between solopreneurs and entrepreneurs but only scratched the surface.
First, who qualifies as a solopreneur? Perceptions may vary, but from a dictionary definition standpoint, solopreneurs run any one-person businesses. So, we are talking about coaches, consultants, contractors, and freelancers, as well as the more entrepreneurial/risk-taking types in technology.
Beyond the obvious: What is a solopreneur?
I've been an entrepreneur most of my adult life and have been around many others. When I founded my latest venture, we identified solopreneurs as our target audience, a choice initially made more compelling by the staggering 86.5 million freelancers projected to be in the U.S. by 2027, according to Statista. As I started getting to know them through one-on-one meetings, events, and an online community, I realized there was much more separating solopreneurs from entrepreneurs than employee headcount. These people were fundamentally different from the entrepreneurs I knew.
Being a solopreneur: A 1,000 reasons why
You see, most entrepreneurs venture into a business driven by a singular goal: to scale their idea into something as big as possible. Solopreneurs? I’ve learned that they’re an entirely different animal. The reasons that lead someone down the path of solopreneurship are as diverse as the individuals themselves. Some aim for the freedom to attend every one of their kids’ soccer games; others yearn for the flexibility to paddle out on a kayak whenever the skies clear up; and some want to live wherever they want whenever they want.
It may be about the work – perhaps a desire to create something that doesn’t justify more than one person. Some folks want to handpick the tasks that resonate with them, dodging the grunt work they'd have to swallow if they had a boss.
Solopreneurs choose a business that serves their life and goals
There is a common thread among most solopreneurs. They’re building businesses in service of their lives, not the other way around. I’m not saying they aren’t interested in profitability or new business opportunities; it just means that they weigh these opportunities against their core reasons for opting for the solo route in the first place. Let’s face it; forgoing employees isn’t primarily a financial decision. Employees are often the key to scaling, the Holy Grail for most entrepreneurs. Solopreneurs intentionally cap their growth by operating solo, placing something else—something deeply personal—above monetary gain.
The trade-off with autonomy over expansion
Solopreneurs opt for control at the expense of potential business expansion. Control over their daily routine, decision-making, and the work itself are the factors that often trump the desire to scale. It’s a trade-off. And for solopreneurs, it's a worthwhile one. This control allows them to craft their work around their lives rather than shaping their lives around a business.
Solopreneurs often find a symbiosis between business and personal aspirations
Moreover, I've noticed how solopreneurs often blend their passions with their business endeavors, unlike entrepreneurs, who usually maintain clearer boundaries between the two. The businesses that solopreneurs run often feel less like work and more like an organic extension of who they are. For instance, one musician-turned-solopreneur I encountered infuses her love for music into every facet of her business and life.
Solopreneurs and their unique challenges
Let's not sugarcoat it—going it alone has its obstacles. It's clear from the title “solopreneur” that they will be directly involved in all aspects of the business. And the challenges created by this arrangement can sometimes seem insurmountable. That's why I've actively encouraged solopreneurs to be less “solo” and offload some tasks to contractors, consultants, or companies. Accounting is one that often makes sense. Depending on what their skills are and aren't, they can farm out other functions and avoid the need for employees.
There's another challenge that isn't necessarily obvious when one chooses solopreneurship. There isn't enough information on how to run a business to serve your life. You'll find boatloads of advice on scaling, being a good leader, finding investors, and lots of guidance on executing a business's technical aspects. And virtually all of it is targeted at people working in companies. However, the poor solopreneur will likely not implement a content marketing plan using A/B testing along with an optimized PPC advertising campaign, all while tuning their website for maximum SEO.
I'm exaggerating, but very little business info is designed to help people build and run businesses that serve their lives. I am addressing this need for more information for one-person businesses in my company, LifeStarr. We developed the Solopreneur Success Cycle to create a flywheel for solopreneurs that helps them start, run, and improve businesses that serve their lives. We’ve also created events focused on supplying business insights in a form that makes sense for one-person businesses while helping them to network with each other.
A force to reckon with
Solopreneurs are a segment worth understanding in depth and perhaps even joining. They might lack the scaling ambitions typical of entrepreneurs. Still, they more than make up for it with a dedication to their craft and a nuanced understanding of how it integrates with their life goals. This results in businesses that are not just profitable but also deeply personal and tailored to individual lifestyles. As the barriers to starting a business continue to lower, solopreneurs will become increasingly significant in the business landscape. They are a testament to the human desire for autonomy and the ability to define success on one's own terms. Apparently, this is an attractive proposition as they will be more than half of the U.S. workforce by 2027.
Helping solopreneurs has been a revelation to me, a gray-haired serial entrepreneur. Solopreneurs aren't simply entrepreneurs without a staff; they're architects of businesses that mirror their lifestyles, goals, and definitions of success. While entrepreneurs usually try to scale up, solopreneurs build businesses finely tuned to their needs. As we look toward a future where the number of solopreneurs is set to soar, understanding them becomes not just intriguing but imperative for anyone wanting to serve them or join them. With their focus on life-enriching goals and blending passion and profession, solopreneurs are emerging as a formidable yet deeply human face of modern business. Understanding them is to understand not just their business but the soul that fuels it.
Join the movement
Are you currently a solopreneur or thinking about becoming one?
Joe Rando, Executive Contributor Brainz Magazine
Joe Rando is a serial entrepreneur and solopreneur. He has developed almost 1 million square feet of retaiL real estate. Joe is the Co-founder of Trade Area Systems, an enterprise software company in retail real estate that was sold to Kalibrate in 2020. Joe is the founder of LifeStarr, a startup creating an ecosystem for solopreneurs that want to build businesses that serve their lives and goals. LifeStarr.com has community, events, tools, and content for solopreneurs, freelances, coaches, consultants, contractors and other one-person businesses. Joe is the co-host of the One-Person Business Podcast.
